
UBS cuts 2,000 jobs
Losses & Lawsuits
ZURICH - Swiss bank UBS says it is cutting 2,000 jobs and exiting several business lines in response to problems faced by its investment banking division. The losses will cut its investment banking division by 10% to 17,000 employees.
Since the outbreak of the subprime crisis, UBS has written off more than $40 billion (EUR28 billion), taken $27 billion in two separate capital injections and cut its investment banking arm workforce by 20%.
Chairman of UBS' investment bank Jerker Johansson says: "A right-sized investment bank, positioned alongside UBS' wealth management and institutional asset management business, will enable UBS to position itself as one of the core group of universal banks that are likely to dominate in this redrawn landscape."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Regulation
French regulator questions need for share trading equivalence
Esma’s reinterpretation ahead of Brexit reduces need for equivalence system, says AMF official
Receive this by email